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The Offer is Accepted.  Now What?

The Offer is Accepted. Now What?

In reality, this is just the beginning of another big part of the process. No deal is completed until all signatures are on the papers at closing. Now, the focus turns to the relationship between the buyer and seller. If the negotiations have been easy, great! If they were difficult, it is good to separate the people and personalities from the issues and discussions. It is important for buyers, sellers, and realtors to work together from now to the end of the process.

The Offer to Purchase probably indicated that the buyer has a specific number of days to have a home inspector come in to evaluate your home. In fact, there are a number of inspections that could occur, but let's focus on the home inspection that is most common. Usually buyers have approximately 10 days to schedule a home inspection. This is an option for which many buyers are willing to pay. A licensed inspector hired by the buyer will examine the outside and inside of your home thoroughly, commenting on the positive aspects as well as what he perceives as problem areas. He will inspect the foundation, exterior surfaces of the house, attic, roof, garage, and sheds. He will then focus on the inside of the house, inspecting all systems and services including electrical, plumbing, heating, and air conditioning. He will inspect from the basement to the attic for signs of any or all of the following: structural damage or weakness, water damage, insect infestation, mold, mildew, lead paint, asbestos, radon, underground fuel storage tanks, and wood rot. When the inspection is finished, the buyer will know the good and the bad. Some sellers actually hire a home inspector before the house goes on the market so they can accentuate the positive aspects of the inspection to potential buyers.

Buyers have to make a decision about purchasing the property based on the inspection report. They may decide to go ahead with the purchase, back out of the offer, or modify the offer and continue with the transaction. A negative inspection may not necessarily void a deal. Some buyers will require a seller to fix any number of deficiencies before continuing with the offer to purchase. Some are willing to split the cost with the seller. Others are willing to bear the entire cost of repairs themselves.

Working together, realtors, buyers, and sellers are usually able to come to an agreement acceptable to both sides.

The Purchase and Sale Agreement »

Acres Away Realty
14 Columbia St. • Leominster, MA 01453
Phone: 978-840-2696 • Fax: 978-840-2694
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